Olin Corp. and Huntsman Corp. announced June 16 that they have entered into a definitive all-stock merger agreement that would combine the two chemicals producers into a new company with approximately $12.5 billion in annual revenue.

The combined company will be renamed OlinHuntsman Corp. after the transaction closes. It will be headquartered in The Woodlands, TX.

Under the agreement, Huntsman shareholders will receive 0.5476 shares of Olin stock for each Huntsman share. Upon completion, Olin shareholders will own about 54.5% of the combined company, while Huntsman shareholders will own about 45.5%.

The stock swap is valued at about $2.43 billion.

Olin and Huntsman said the merger will bring together Olin’s upstream chemical manufacturing and feedstock capabilities — including chlorine and caustic soda — with Huntsman’s downstream products, formulation technologies and advanced materials portfolio.

The companies said the combined business will serve end markets including automotive, construction and infrastructure, and industrial applications. Olin’s Winchester ammunition business will continue to operate as a key business within the combined company.

“This combination provides a compelling opportunity for Olin and Huntsman to create a more resilient and value-focused chemicals company anchored in North America,” said Olin President and CEO Ken Lane, who will serve as CEO of OlinHuntsman after the deal closes.

Huntsman Chairman, President and CEO Peter Huntsman will serve as non-executive chairman of OlinHuntsman’s board. Huntsman CFO Phil Lister will serve as CFO of the combined company. Todd Slater, Olin’s current senior vice president and CFO, will serve as chief integration officer.

The companies said they have identified more than $300 million in cost synergies and integration benefits, with most of those expected within 24 months of closing and all expected by the end of year three. They also identified an additional $100 million in raw material integration benefits starting in 2031, as well as about $125 million in cash tax benefits.

The boards of both companies unanimously approved the transaction. The deal is expected to close in the first half of 2027, subject to customary closing conditions, including regulatory approvals and approval from both companies’ shareholders.